It’s been rumored for some time that Nokia is working on a Windows tablet. Now there’s talk that the Finnish company will split the difference between that and its current Lumia line-up and offer a 5-inch-plus phablet to compete with the Galaxy Note.

This round of rumors was kicked off by an inside source who spoke with The Financial Times. Unfortunately, this person didn’t have anything to offer beyond saying that this device would “work as a phone and a tablet” and that it would have “more advanced specifications than the Galaxy Note.”

That first revelation isn’t an eye-opener. There’s not really that much difference between what today’s smartphones and tablets can do. Then again, perhaps this person was using “works” in the sense that this new Lumia can — like the Galaxy Note — easily replace both a phone and a tablet in someone’s gear bag.

But surely there’s more to this rumored device than a Lumia with a bigger display. What about stylus input? Is that a possibility?

Definitely. Windows Phone has supported “inking” for quite some time. You probably don’t hear about it all that often because right now it’s all done with a finger. There’s no reason Nokia couldn’t offer up a capacitive stylus with a Lumia Phablet, however, and make apps like OneNote that much more enjoyable to use.

There’s also talk of an impending Windows convergence. Windows Phone 8 already shares a ton of code with Windows RT, and there’s talk that the two will meld in an upcoming release. Windows RT supports pen input rather well, and if this Lumia Phablet happens to debut at the same time as the convergent Windows Phone release… well, an integrated stylus seems like a no-brainer.